Steel Mills
December 17, 2014
Headwinds in Some Sectors Reduce Worthington Q2 Earnings
Written by Sandy Williams
Worthington Industries reported an increase in sales for the second quarter of its 2015 fiscal year ending November 30, 2014. Sales of $871 million, however, could not offset weakness in the company’s Engineered Cabs and Oil & Gas sectors. Net earnings fell to $29.5 million from $44.2 million in the previous quarter but surpassed Q2 net earnings of $23 million in FY 2014. Earnings per share dropped to $0.43 from $0.63.
Headwinds from increased manufacturing costs, primarily in two Worthington facilities in Engineered Cabs and Oil & Gas, are expected to decrease quarterly.
